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EXAS, LABD, BJRI, SIG — Stock Charts to WatchRSS

Charts of the Day video for Wednesday August 10th, 2016

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The market continues to act sloppy, and, of course, we’re due for a pull back. There are still a lot of stocks that are acting well, and because of the potentiality of lower levels, we’re going to show you both longs and shorts.

Exact Sciences Corporation (EXAS) had a nice comeback on Wednesday, after going as low as 18.73, and then closing up 14 cents to 19.45, on 5.4 million shares. It remained positive on the day and positive in the channel. We may very well get to my next target at 22 1/2 and 24 going forward. It has 5.3 days to cover.

The Direxion Daily S&P Biotech Bear 3X ETF (LABD) made a turn it looks like, up 2.00 to 24.06, or 9%, on 3.66 million shares on Wednesday. Good volume in the last two days. If the market continues low on Thursday, the target is 25 3/4. Maybe it will test the moving average at 31. For now, one step at a time.

Stocks on the Short Side….

BJ's Restaurants, Inc. (BJRI) looks like it’s in a bear flag formation, hard out of a big wedge. It was down 72 cents to 39.90, on 162,418 shares traded on Wednesday. There’s resistance at the 41.52 level. If it breaks down here, it could very well drop to the low-to-mid 30’s.

Signet Jewelers Limited (SIG) is in a dramatic down trend, bear wedges have formed, poor technicals. It was down 60 cents to 87.07, on 600,000 shares traded on Wednesday. I wouldn’t be surprised to see 77, and then 70, and the targets going forward.

Stocks on the long side included Acacia Communications, Inc. (ACIA), The Chemours Company (CC), DXP Enterprises, Inc. (DXPE), Exact Sciences Corporation (EXAS), Endeavour Silver Corp. (EXK), Harmonic Inc. (HLIT), Healthways, Inc. YE (HWAY), Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG), Direxion Daily Gold Miners Bull 3X ETF (NUGT), Direxion Daily S&P Biotech Bear 3X ETF (LABD), Medivation, Inc. (MDVN), MeetMe Inc. (MEET), Resolute Energy Corporation (REN), Silver Wheaton Corp. (SLW), USA Technologies Inc. (USAT), Yelp Inc. (YELP), AND Yirendai Ltd. (YRD).

On the short side, stocks included ATHENAHEALTH, INC. (ATHN), BJ's Restaurants, Inc. (BJRI), Chipotle Mexican Grill, Inc. (CMG), Luxoft Holding, Inc. (LXFT), Restoration Hardware Holdings, Inc. (RH), Signet Jewelers Limited (SIG), Inc. (STMP), Synaptics Inc. (SYNA), and Western Gas Partners LP (WES).

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